Voices, Votes & Vision: The Latest in Politics & Public Policy
- Tariffs already in place are raising costs for U.S. industries and complicating business planning ahead of the holidays.
- Economists report higher prices for toys, clothes, shoes and sporting equipment, directly affecting American consumers.
- Political leaders clash: Democrats criticize the Trump tariffs, while the White House defends them as job-creating and revenue-raising.
WASHINGTON (NEXSTAR) – President Donald Trump will meet with the president of the Philippines Tuesday. The two presidents hope to reach a deal to avoid tariffs.
Tariffs on some countries are already in place and they’re affecting industries here in the U.S.
US. car companies say it’ll cost them billions in profits, and you could pay more around the holidays because executives say they’re having a hard time planning.
“We need to make sure that this country walks away from the reckless Trump tariffs,” said House Democratic Leader Hakeem Jeffries (D-N.Y.).
U.S. retailers are bracing for new tariffs starting next week Walmart says it raised prices in June.
Economists say toys, clothes, shoes and sporting equipment are already more expensive.
“Americans are already paying the price,” said Sen. Richard Blumenthal (D-Conn.).
The price of beef rose 12% to an average of $6 and 12 cents for a pound of ground beef. It’s blamed on drought, the cost of feed and tariffs.
“Donald Trump’s trade war has created a mess for U.S. businesses,” said Senate Minority Leader Chuck Schumer (D-N.Y.).
President Trump threatened new tariffs for some of the U.S.’ largest trading partners to take effect on August 1st.
The White House says President Trump’s tariffs will bring jobs back to the U.S. and is good for the economy.
“He’s effectively using tariffs to bring more revenue into the United States to ultimately pay down our debt,” said White House Press Secretary Karoline Leavitt.
The White House says tariffs haven’t raised prices as much as economists warned.
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